Chile Aims to Invest $83 Billion in Mining by 2033

Foreks - Chile's state agency Cochilco announced plans to invest approximately $83.18 billion from this year until 2033, representing a 27% increase compared to last year's estimate. The Cochilco report, set to be released today, will list 51 projects in the South American country, which is the world's largest copper and second-largest lithium producer. According to the Chilean newspaper Diario Financiero, BHP's recently announced $14 billion expansion plan, which includes the world's largest copper mine, Escondida, is not included in Cochilco's report on Chilean projects. However, it was noted that the total investment plan could reach approximately $100 billion. The increase in spending is attributed to the expansion of Freeport-McMoRan (NYSE:FCX) projects, Anglo American (JO:AGLJ)’s work at Los Bronces, and planned improvements at state-owned miner Codelco's Chuqui Subterranea, along with a Codelco lithium project in the Maricunga salt flat, comprising around $15.66 billion from 11 new projects. According to the newspaper, about 52% of the total spending of $42.96 billion is anticipated for projects planned between 2024 and 2026.